European bourses tracked moderately lower midday Wednesday as European and global bond yields tracked higher, sparked by higher energy costs and government borrowing.

Food and property stocks led losses on continental trading floors, while oil shares nearly held firm.

Investors also eyed Wall Street futures in the red amid lower closes overnight on Asian exchanges.

In economic news, yields on benchmark 10-year German bonds increased to nearly 3.38% midday, testing 16-year highs. Similarly, 10-year UK gilts offered 5.26%, the highest since 2007.

The pan-continental Stoxx Europe 600 Index was off 0.7% mid-session.

The Stoxx Europe 600 Technology Index was down 0.7%, and the Stoxx 600 Banks Index lost 0.3%.

The Stoxx Europe 600 Oil and Gas Index eased 0.1%, while the Stoxx 600 Europe Food and Beverage Index declined 1%.

The REITE, a European REIT index, also fell 1%.

On the national market indexes, Germany's DAX was down 0.6%, and the FTSE 100 in London lost 0.4%. The CAC 40 in Paris was down 0.4%, and Spain's IBEX 35 eased 0.1%.

Front-month North Sea Brent crude-oil futures were down 0.4% at $94.32 a barrel.

The Euro Stoxx 50 volatility index was up 5.2% at 18.41, but indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.